Question

The Compound interest on a certain amount for three years is Rs 488 and for four years is Rs 738 . Find the rate of interest ?​

Answer 1

Step-by-step explanation:

Given The Compound interest on a certain amount for three years is Rs 488 and for four years is Rs 738 . Find the rate of interest ?​

• Given A certain amount of money for 3 years is Rs 488 and for 4 years it will be Rs 738
• So the increase of amount will be Rs 738 – 488 = Rs 250 in one year
• Now S.I = P x R x T / 100
•         250 = 488 x R x 1 / 100
•         488 R = 250 x 100
•         488 R = 25000
•          Or R = 25000 / 488
•          Or R = 51.22 % per annum

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Answer 2

Thus the rate of interest is 51.22 % per annum.

Step-by-step explanation:

Given data:

• C.I Amount for 3 years = 488 Rs
• C.I Amount for 4 years = 738 Rs
• To Find: The rate of interest = ?

Solution:

Increase of amount =  C.I for 4 years - C.I for 3 years

Increase of amount =  738 Rs – 488 Rs = 250 Rs in 1 year

Now we know that:

Simple Interest = P x R x T / 100

250 = 488 x R x 1 / 100

488 R = 250 x 100

488 R = 25000

R = 25000 / 488

R = 51.22 %

Thus the rate of interest is 51.22 % per annum.